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Offering Goods That Are Similar to Competitors' Products but More

Question 26
Multiple Choice

Offering goods that are similar to competitors' products but more attractive in some ways is called: A) product distinction. B) product differentiation. C) price-point pinning. D) deceptive advertising.

Related questions
Q 27
Product differentiation refers to: A) firms who offer similar products to their competitors' products, but that are more attractive in some way. B) the process of creating a standardized product with a lower-cost method than the competitors' method. C) the process of informing the public of differences in products as a result of error. D) consumers who sort and group goods based on similar characteristics.
Q 28
Firms who effectively differentiate their product from their competitors' products do so by having: A) real, not just perceived, differences in product design. B) perceived, but not real, differences in product design. C) real or perceived differences in product design. D) None of these statements is true.
Q 29
In the short run,product differentiation enables firms in monopolistically competitive markets to: A) act like a monopolist. B) sell a standardized good. C) collude with competing firms to set prices. D) act like perfectly competitive firms.
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